Journalize the Entries to Correct the Following Errors

question 28

Essay

Journalize the entries to correct the following errors:
(a)A purchase of supplies for $500 on account was recorded and posted as a debit to Supplies for $200 and as a credit to Accounts Receivable for $200.(b)A receipt of $2,500 from fees earned was recorded and posted as a debit to Fees Earned for $2,500 and a credit to Cash for $2,500.

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Definitions:

Substitutes

Substitutes are goods or services that can be used in place of each other, where the consumption of one increases, the demand for the other decreases.

Increase Demand

A rise in the quantity of a product or service that consumers are willing and able to purchase at a given price, usually due to factors like income growth, price decrease of the good, or changes in tastes and preferences.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at various price levels.

Slopes Upward

Describes a line or curve on a graph that represents an increase in the variable on the y-axis as the variable on the x-axis increases, suggesting a positive relationship between the two variables.